Madisonville, KY Cost of Living

Madisonville cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.

An overview of the general cost of living index for Madisonville, KY is displayed above for your reference. Residents in Madisonville, KY enjoy a cost of living index of 82. This index is 6% lower than the Kentucky average, and 18% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Madisonville, KY, the average cost of goods and services is 1% lower than it is in Kentucky, and it is 4% lower than the national average.

Did you know?

The cost of living in Madisonville is 6% lower than the Kentucky average.

The cost of living in Madisonville is 18% lower than the national average.

The cost of housing in Madisonville is 42% lower than the national average.

Kentucky general sales tax is 18% higher than the national average.

Kentucky state income tax is 10% lower than the national average.

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Compare Madisonville, KY Cost of living To Other Cities

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Cost of living index

Goods & Services index

Groceries index

Health care index

Housing index

Transportation index

Utilities index

Using the salary calculator lets you compare the salary you earn in Madisonville, KY to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Madisonville, KY, you have to earn a higher income in order to still have the same standard of living. To operate the Madisonville, KY salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median Income

Per Year

Per Month

Max Budget (28% DTI)

Max Budget (36% DTI)

Owners

$49,267

$4,106

$1,149

$1,478

Renters

$23,942

$1,995

$559

$718

If you want to find a good determining factor for the cost of living and the general affordability of housing in Madisonville, KY, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Madisonville, KY, the median monthly income is $49,267 for those who own their own homes. Under the standard rule, that income level would allow for $1,149 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $23,942, per the median income in the area. That would allow for renters to spend up to $559 on monthly rental expenses.

Kentucky Sales Tax

State

General Sales Tax

With Max Surtax

Kentucky

6%

6%

Kentucky Income Tax

State

Income Tax (Low)

Income Tax (High)

Kentucky

2%

6%

When assessing the complete cost of living in Madisonville, KY, the Kentucky income tax and the Kentucky sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Kentucky maximum surtax is 6%, and the Kentucky sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 2% to 6% in Kentucky.

Goods & Services

Item

Madisonville

National avg.

Difference

Haircut

$16.85

$15.56

8.2%

Beauty Salon

$32.83

$36.11

9.1%

Toothpaste

$1.64

$2.47

33.8%

Shampoo

$0.90

$0.96

7.1%

Movie

$9.13

$10.13

9.8%

Bowling

$3.43

$4.74

27.6%

Groceries

Item

Madisonville

National avg.

Difference

Ground Beef

$3.87

$3.98

2.8%

Fried Chicken

$1.11

$1.41

21.4%

Milk

$1.52

$2.06

26.5%

Potatoes

$2.61

$2.98

12.6%

Pizza

$9.99

$9.47

5.5%

Beer

$7.84

$8.79

10.8%

Health Care

Item

Madisonville

National avg.

Difference

Optometrist

$117.91

$101.04

16.7%

Doctor

$90.53

$107.44

15.7%

Dentist

$81.87

$90.42

9.5%

Ibuprofen

$8.25

$9.28

11.1%

Lipitor

$445.26

$426.50

4.4%

Housing

Item

Madisonville

National avg.

Difference

Home Price

$95,400.00

$175,700.00

45.7%

Avg. Mortgage Payment

$915.34

$1,133.23

19.2%

Apartment Rent

$608.00

$920.00

33.9%

Transportation

Item

Madisonville

National avg.

Difference

Gasoline

$1.86

$1.99

6.6%

Tire Balancing

$36.00

$45.76

21.3%

Utilities

Item

Madisonville

National avg.

Difference

All Electricity

$168.12

$163.81

2.6%

Phone

$21.67

$28.39

23.7%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

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